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8-K: Phunware Reports Third Quarter 2024 Financial Results

SEC ·  Nov 7, 2024 21:44

Summary by Moomoo AI

Phunware reported improved financial results for Q3 2024, with net loss from continuing operations narrowing to $2.8 million ($0.25 per share) from $13.7 million ($5.72 per share) in Q3 2023. The company's cash position strengthened to $110 million as of November 6, 2024, boosted by ATM financing proceeds. Year-to-date software and subscription bookings increased 300% over the prior year.The company announced leadership changes, with Stephen Chen appointed as Interim CEO and CFO Troy Reisner set to depart by November 30, 2024. Additionally, Rahul Mewawalla was appointed as Chairman of the Board. The company also signed a term sheet to acquire a controlling interest in MyCanvass, LLC.Phunware received notice from Nasdaq regarding non-compliance with audit committee composition requirements following Stephen Chen's resignation from the committee. The company must regain compliance by either its next annual stockholders' meeting or April 21, 2025, whichever comes first, to avoid potential delisting proceedings.
Phunware reported improved financial results for Q3 2024, with net loss from continuing operations narrowing to $2.8 million ($0.25 per share) from $13.7 million ($5.72 per share) in Q3 2023. The company's cash position strengthened to $110 million as of November 6, 2024, boosted by ATM financing proceeds. Year-to-date software and subscription bookings increased 300% over the prior year.The company announced leadership changes, with Stephen Chen appointed as Interim CEO and CFO Troy Reisner set to depart by November 30, 2024. Additionally, Rahul Mewawalla was appointed as Chairman of the Board. The company also signed a term sheet to acquire a controlling interest in MyCanvass, LLC.Phunware received notice from Nasdaq regarding non-compliance with audit committee composition requirements following Stephen Chen's resignation from the committee. The company must regain compliance by either its next annual stockholders' meeting or April 21, 2025, whichever comes first, to avoid potential delisting proceedings.
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